Ah yes, “various income tax rates”, that’s definitely not a reference to the top rate of income tax… which is £125k. Fuck off. I don’t give a shit about people earning that much having to pay more tax.
Thresholds, not rates. And, as you’d expect, freezing them hits the poorest the hardest.
The combined impact of headline tax changes, policy roll-outs and frozen taxes and benefits by 2025–26 is broadly regressive, with the poorest seeing income falls of 2.8% of income and the richest falls of only 1.1%. Headline cuts to income tax and National Insurance will benefit higher-income households who are more likely to get more of their income from employment, while the poorest tenth of households will gain only £13 per year from these measures. Because some tax thresholds and – especially – benefits values are indefinitely frozen, the impact of freezes only grows over time. As a result, by 2030–31 the total changes to the tax and benefit system are more clearly regressive, with the highest-income tenth seeing a 1.3% fall in income and the lowest-income tenth a 4.7% fall.
I absolutely 100% agree with you that the Tories are stealing from the poor and giving to the rich. But the article isn’t about personal allowance. If you click on the link I referenced in the original post, it takes you to an article about higher rate tax-payers. I don’t think any of us should give a shit about higher rate tax payers, and I’m not going to apologise for holding that opinion.
I’m responding to the article as it stands. Obviously the Tories aren’t good for the country economically, I think that’s self-evident, but the article is extremely misleading.
Thresholds, not rates. And, as you’d expect, freezing them hits the poorest the hardest.
The effect of freezing tax thresholds:
I absolutely 100% agree with you that the Tories are stealing from the poor and giving to the rich. But the article isn’t about personal allowance. If you click on the link I referenced in the original post, it takes you to an article about higher rate tax-payers. I don’t think any of us should give a shit about higher rate tax payers, and I’m not going to apologise for holding that opinion.
I’m responding to the article as it stands. Obviously the Tories aren’t good for the country economically, I think that’s self-evident, but the article is extremely misleading.
About £30 billion comes from freezing tax thresholds. Those affect everybody across the board because we all get the same thresholds.
You quoted the article accurately but then misstated what it said.